The smallest of impulses can lead to some of the most prominent trends.

For example, we would not be doing our grocery shopping online, and fueling the e-commerce explosion that has swept the globe is nothing short of spectacular if someone hadn’t thought: “I wish I could buy everything I want online” and take measures to make it so.

Ideas are big.

Good business ideas, which are often the initial step to entrepreneurship, are also highly valued in the corporate sector.

More than 300 people had participated in Enterprise Singapore’s Startup Singapore Founder Venture Building since its start six months ago.

As a result of the program, over 150 people have graduated.

Singapore has accelerators and incubators that enable local SMEs to break out of the mold and create a concept with commercial potential, according to an online search. Startups from various sectors are welcome at some incubators, while fintech, blockchain technology, and even agritech are the main focus at others.

Startups and entrepreneurs can learn the ropes by attending hackathons or boot camps for three to six months.

but the execution is key

An excellent business idea, on the other hand, is only the beginning for Mr. Julian Low. Ms. Low, a self-described “man of many hats,” is an advisor to Majuven, an investment business based in Singapore specializing in venture financing. Seasoned business professionals created the Singapore-based organization as an early-stage venture capital fund.

This is the name of the company: “We help our firms advance.”

Trial & error and a lot of experimenting are often required.

“A fantastic business idea is pointless if it is not implemented. Execution and adaption to the business environment are essential for a concept to succeed, he says.

To test their hypothesis, founders should regularly test and experiment with their ideas using the Lean Canvas framework.

Inspire by the Business Model Canvas; Lean Canvas is a business framework for streamlining processes.

According to its inventor Ash Maurya, this one-page template helps you break down your idea into its nine core assumptions.

These nine-building components are a problem, solution, key metrics, unique value proposition, unfair advantage, channels, customer segmentation, income streams, and cost structure, to name a few of them.

Eric Ries’ The Lean Startup handbook contains “a clear technique on how to establish your product-market fit using a scientific, rigorous method,” according to Mr. Low. The latter also urges entrepreneurs to read it.

Do your research 

Most crucial is to find something that fits the market, says Mr. Hendricks.

A thorough market study is required to determine whether there is indeed a market for such a concept.

Rigid business research is more critical than ever because of the pandemic’s impact on nearly everything along its path.

In a way, no other catastrophe has. The epidemic has propelled technological adoption. As a result, he says, “excellent ideas should be adapted to the new normal.”

Stay agile and flexible. 

Do not be scared to pivot or modify your business strategy if things do not go as planned!

It’s essential to plan for a pivot.” Understanding your present human resource structure is the first step. You should prepare your staff for the pivot and reorient them accordingly.”

When you’ve done that, it’s time to reinvest in the new path, with defined performance indicators or targets and results that the firm should attain.”

Published On: September 12th, 2021 / Categories: Uncategorized /